Reply To: Can I convert TIRA and nondeductible IRA in the same year?

Home Fairmark Forum Retirement Savings and Benefits Can I convert TIRA and nondeductible IRA in the same year? Reply To: Can I convert TIRA and nondeductible IRA in the same year?

#5086
Alan S.
Participant

Remember, the IRS views all your TIRAs as one combined account and all your Roths as one combined account for tax purposes. Your 8606 showing your total basis in non deductible contributions applies to all your non Roth IRAs.

You can do as many conversions as you wish in any order you wish. Because there are two accounts, you will get a 1099R for each account and the total of both goes on your 2020 Form 8606. The taxable amount will be the amount that the total conversions exceed your non deductible basis shown on line 14 of the last 8606 you filed prior to this year. The result is that you are only taxed on the dollars in your TIRA that not already been taxed when contributed.

No reason not to convert into a single Roth account unless you have a reason for wanting to maintain two of them.